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South America


Argentine Congress passes law aimed at attracting oil investment

In order to lure foreign investment, Argentina’s Congress gave final approval to a law that will revamp energy investment regulations. This new law lowers the minimum investment needed for companies to be exempt from import controls to $250 million (from the previously set $1 billion). The law also allows oil and gas producers to get…

Offshore E&P activities ramping up in Latin America

Latin American nations are ramping up offshore exploration, development, and production activities. This increase is largely due to discovery of new reserves in Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, Peru, and Venezuela. The economic future of these countries is dependent on their under-explored hydrocarbon region. by Robin Dupre, Offshore Magazine, October 29, 2014 Offshore exploration, development,…

Pdvsa to sell Hovensa refinery to Atlantic Basin Refining

It was announced on Tuesday that PDVSA would be selling its Hovensa refinery to Atlantic Basin Refining in the U.S. Virgin Islands. The refinery, located in Saint Croix has been out of service since 2012, but the agreement between PDVSA and Atlantic Basin Refining will rebuild and restart the refinery in order to employ hundreds…

Argentina will not issue LNG tender before March 2015

Weak consumer demand has lead to the decision that Argentina will not tender for another strip of LNG cargoes until March 2015 or later. by J. Robinson, Platts, October 24, 2014 Argentina will not tender for another strip of LNG cargoes before March 2015 and possibly later, as weak consumer demand continues to saturate the domestic…

Venezuela’s PDVSA fixes second VLCC of Algerian Saharan crude oil

Under a new deal between Venezuela’s PDVSA, and Algeria’s Sonatrach, a second cargo of Algeria Sharan crude is bound for Venezuela. The Boston vessel is fully fixed to carry a 270,000 mt crude cargo from Algeria to Venezuela making it the second VLCC carrying Saharan crude to Venezuela this month. by John Morley, Platts, October 22,…

Brazil’s OGPar expects Tubarao Martelo output to peak at 30,000 b/d in 2016

Brazilian oil producer OGPar expects outputs from Tubarao Martelo to peak at about 30,000 barrels per day in 2016. Over the next few years, the company will invest $200 – $500 million in two additional production wells and three additional injection wells at the field in order to increase production. by Jeff Fick, Platts, October 21,…

Venezuela’s imports of light crude could jump to 100,000 b/d in two years

In order to upgrade the extra heavy crude produced in the eastern Orinoco Belt, Venezuela could import as much as 100,000 barrels per day of light crude in the next two years. As new projects progress in the Orinoco Belt, so will the importing of light crude. The importing of the light crude will increase…

Venezuela’s PDVSA to import Urals crude from Russia for test runs

According to an unnamed source, PDVSA is planning to import between 750,000 and 1 million barrels of Urals grade crude from Russia. The shipment is expected to be available by mid-November and will be processed in the Isla refinery located in Curacao. by Mery Mogollo, Platts, October 13, 2014 Venezuelan state-owned oil company PDVSA plans to…

Venezuela halted Citgo sale on low bids, creditor worry

When bids came in well below the $10 billion asking price, Venezuela decided to scrap the sale of U.S. refining unit, Citgo. The announcement, made by finance minister, Rodolfo Marco, indicates that the Venezuelan government is trying to send signals to foreign bankers and bondholders who saw the potential Citgo sale as a negative for…

Brazil protects giant swathe of Amazon rainforest

Tuesday, the Brazilian government announced it put an area of the Amazon rainforest under federal protection. The environmentally rich area is larger than the U.S. state of Delaware and has been named Alto Maues. Under protection as a federal reserve means that forest clearing and similar development in the area are forbidden. by Marcelo Teixeira, Reuters,…

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Site Last Modified: October 30, 2014